The importance of home contents insurance amongst social housing residents
The Diamond Insurance Scheme is a specialist home contents insurance scheme that's offered to members by SFHA in conjunction with Thistle Insurance Services Limited.
by Diamond Insurance Scheme
The SFHA Diamond Insurance Scheme is a home contents insurance scheme designed for residents living in social and affordable housing, offering cover for tenants and residents against a range of risks.
Regardless of your stock size, whether your stock includes independent living schemes, sheltered housing, supported or general housing, as a member you have access to the Diamond scheme and all your tenants and residents are eligible to apply for cover.
According to the Association of British Insurers*, the individuals most likely to be uninsured are also those least likely to be able to recover financially when the unexpected happens.
Benefits of offering the Diamond Insurance Scheme:
- In the event of a burglary, escape of water, fire or flood, insurance will replace or repair damaged or stolen goods. If properties are damaged by fire or flood and become uninhabitable, tenants’ contents insurance can also cover some of the cost of temporary accommodation. Although this will be limited to 20% of the contents sum insured, it can remove some of the financial burden from landlords. Limits and exclusions apply.
- Encouraging tenants to take a responsible attitude to their possessions is likely to help promote a culture of taking good care of the properties they rent.
- Promoting home contents insurance could prevent tenants and residents turning to lenders to replace stolen or damaged possessions following an unforeseen event.
Benefits for tenants:
- Apply over the telephone or complete an application form.
- There’s no requirement for a bank account.
- No financial questions are asked as part of the acceptance criteria.
- You don’t need to have special door or window locks (just a lockable front door).
- Flexible regular payment options (fortnightly and monthly premiums include a transaction charge).
- Cover for theft, water damage, fire and many more household risks.
Limitations and exclusions apply. A copy of the policy wording and the Insurance Product Information Document (IPID) are available on request.
*Source: Helping Tenants Protect Their Possessions: A Guide for Social Landlords & Housing Officers | Association of British Insurers | May 2022
How do I find out more?
For more information regarding the Diamond Insurance visit: https://www.sfha.co.uk/news/news-category/sfha-news/news-article/home-contents-insurance-scheme-for-members
The Diamond Insurance Scheme is a product name arranged by Thistle Tenant Risks on behalf of the Scottish Federation of Housing Associations and administered by URIS Group. The Diamond Insurance Scheme is underwritten by Royal & Sun Alliance.